Help with a finance scenario please?

Hi Tammy

Will have some details for you tomorrow.

Cheers

Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.

wanelad is spot on – there is a lender that exists in the market place that can do this type of finance

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Comments are of a general nature and may not be relevant to your individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

Yes there are many however not as many with a reasonable rate. Which is important for future servicing due to only 1 income

Wayne
Mortgage Adviser
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How come none of the brokers who answered this question asked how much the person could afford to pay????

This is what the broking industry is trying to rid itself of, brokers just set on doing the loan without taking into account the clients position.

Also worth noting that none asked about the debt on the Visa if it is personal debt then it cannot be rolled into an investment debt it should be set up as a seperate account.

As always BUYER BEWARE especially if you using the half hearted suggestions offered here.

I doubt it especially when I get comments back like yours.

Again lots of hot air but no facts. Please feel free to have a go at me but at least be confident in your reply.

I still stick by what I said and as a forum I believe I am entitled to post my opinion as you are yours.

**I wonder if ASIC investigators ever look through here??

Settle down boys and girls.

One thing I noticed from the first post which may or may not have been highlighted in a private email to justme28:-

She talks about her partner’s $20k credit card debt being rolled into the L.O.C.

I am assuming it is personal debt, so because of that, I would say that if you are going to roll it into the new L.O.C or whatever loan you set up, then before you do this you must not use the credit card again, and CUT IT UP.

Again, assuming personal debt, with a $20k c/c debt it is clear that he cannot manage money well enough to keep the card after rolling the debt into a new loan, he is likely to max it out all over again and therefore should either:-

a) go without c/c’s totally (hard to do in this day and age), or
b) get a new card with a very small limit say $1,000
c) reduce the limit on the existing one to the above limit.

The sad reality is that most people who roll the c/c debt into a new loan and still keep the card usually max it out again in a short period of time, but now they have 2 c/c amounts to try and pay off – the one rolled into the loan and the one on the c/c. Financial destruction is looming.

Cheers,
Marc.
[email protected]

“we get sent lemons; it’s up to us to make lemonade”

Yes the best a bank will do is roll it onto a personal loan. Your banks credit card company will probably do it.

Foundation – Think both Terry and I are well aware of the ATO cross referencing hence the recommendation to consider a Nodoc style loan where no income declaration is required whatsover.

Also now with many Lodoc declaration income is not required to be declared only confirmation that you can service the monthly repayments.

Cheers

Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
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